U.S. Budget Deficit Grew 39% in First Eight Months of Fiscal Year


Dmunjal

macrumors 65816
Jun 20, 2010
1,488
1,201
Yet overall revenue is up despite the corporate tax shortfall?

A lot of it is interest tax due to the Fed. That will reverse.
 

vrDrew

macrumors 65816
Jan 31, 2010
1,317
11,830
Midlife, Midwest
WE Spent like drunk sailors when Obama was in office
I'm curious: Did you forget the (roughly) first five hundred times this issue has been explained? Or do you think you'll just slip this nonsense and nobody else will notice?

For the benefit of (uh, I don't know..) somebody, here is a chart of the annual US Federal deficit during the Obama administration:



Just to refresh your memory, Obama became President in early 2009. Spending and budgets for that year were already set. And (again, in case you forget) we were in the midst of the worst recession since the 1930s. Spending and deficits are high.

So, yeah - for 2010 and 2011, spending was high - at least partly Obama's fault, thanks to the Stimulus, which included at least 50% tax cuts. But, in the latter years of Obama's Presidency, the deficit shrinks, quite dramatically.

So, maybe you can claim that we "spent like drunk sailors" during the Obama years. But not really. Sailors don't get to run trillion dollar deficits. And they spend their money on tattoos and tequila shots. Not writing unemployment checks and paying farm subsidies. So, not really like drunken sailors. At all.

For reference, in 2016 and 2017, the US was not in the midst of a major recession. Unemployment was not spiking north of 10%, and banks and businesses were not failing across the board. Things were, generally speaking, pretty good.

And it was in that economy that Mitch McConnell and Donald Trump handed out a trillion-dollar plus tax cut. Most of whose benefits went to the richest 1% of taxpayers. And foreigners.

So, please either acknowledge the fundamental facts. Or stop playing the absurd "both sides are bad" game.

It's old, and it's destroying our country.
 

jkcerda

macrumors 6502a
Jun 10, 2013
681
38,906
Criminal Mexi Midget
I'm curious: Did you forget the (roughly) first five hundred times this issue has been explained? Or do you think you'll just slip this nonsense and nobody else will notice?

For the benefit of (uh, I don't know..) somebody, here is a chart of the annual US Federal deficit during the Obama administration:



Just to refresh your memory, Obama became President in early 2009. Spending and budgets for that year were already set. And (again, in case you forget) we were in the midst of the worst recession since the 1930s. Spending and deficits are high.

So, yeah - for 2010 and 2011, spending was high - at least partly Obama's fault, thanks to the Stimulus, which included at least 50% tax cuts. But, in the latter years of Obama's Presidency, the deficit shrinks, quite dramatically.

So, maybe you can claim that we "spent like drunk sailors" during the Obama years. But not really. Sailors don't get to run trillion dollar deficits. And they spend their money on tattoos and tequila shots. Not writing unemployment checks and paying farm subsidies. So, not really like drunken sailors. At all.

For reference, in 2016 and 2017, the US was not in the midst of a major recession. Unemployment was not spiking north of 10%, and banks and businesses were not failing across the board. Things were, generally speaking, pretty good.

And it was in that economy that Mitch McConnell and Donald Trump handed out a trillion-dollar plus tax cut. Most of whose benefits went to the richest 1% of taxpayers. And foreigners.

So, please either acknowledge the fundamental facts. Or stop playing the absurd "both sides are bad" game.

It's old, and it's destroying our country.
did yo forget the 501 times that it was addressed? because you guys pretend bringing the deficit down was the magic bullet, our DEBT STILL GREW 9 TRILLION under Obama. so we STILL spent plenty of money.
 

Chew Toy McCoy

macrumors regular
May 13, 2016
202
2,790
I think we would have a lot more productive discourse if we attacked our one party system instead of individuals who lean to the side of that one party we don’t agree with.
 

vrDrew

macrumors 65816
Jan 31, 2010
1,317
11,830
Midlife, Midwest
did yo forget the 501 times that it was addressed? because you guys pretend bringing the deficit down was the magic bullet, our DEBT STILL GREW 9 TRILLION under Obama. so we STILL spent plenty of money.

Oh, now we're talking about the debt, are we?

Deflection noted. Spending, deficits, and debt grew during the early years of the Obama administration because we were in a severe economic recession. Even without Liberal "Keynesian" spending, government receipts drop during a recession, because less people are working and companies aren't as profitable.

Deficits, and debt are growing (even faster) during the Trump Administration because dishonest people keep lying to themselves and the rest of us. And somehow convinced themselves that giving billionaires a massive unneeded tax cut was going to do something to goose GDP and spur investment.

Which it hasn't.
 

jkcerda

macrumors 6502a
Jun 10, 2013
681
38,906
Criminal Mexi Midget
Oh, now we're talking about the debt, are we?

Deflection noted. Spending, deficits, and debt grew during the early years of the Obama administration because we were in a severe economic recession. Even without Liberal "Keynesian" spending, government receipts drop during a recession, because less people are working and companies aren't as profitable.

Deficits, and debt are growing (even faster) during the Trump Administration because dishonest people keep lying to themselves and the rest of us. And somehow convinced themselves that giving billionaires a massive unneeded tax cut was going to do something to goose GDP and spur investment.

Which it hasn't.
it's all tied my friend, I don't support trump spending like a moron either.
 

Dmunjal

macrumors 65816
Jun 20, 2010
1,488
1,201
they have veto power but the buck ultimately stops with them, Obama is responsible for spending under him as is trump.
How does a veto stop locked in entitlement spending or interest expense?

I guess the only thing that they could veto is the debt ceiling raise which would force cuts but even then, defense and entitlements continue, IMO.
 
  • Like
Reactions: jkcerda

lostngone

macrumors 65816
Aug 11, 2003
1,340
2,825
Anchorage
What kills me is we elect politicians to manage the Government and we have a major issue with the deficit, borders, racial equality.

And... I wake up to read this.
https://www.cnn.com/2019/07/02/politics/tax-return-lawsuit/index.html

This isn't a dig on Democrats because I know if the rolls were reversed the Republicans would be doing the same. However it does show that our elected politicians have their priorities way out of wack.
 

BaldiMac

macrumors 604
Jan 24, 2008
7,404
5,759
they have veto power but the buck ultimately stops with them, Obama is responsible for spending under him as is trump.
If that's your definition, then you should probably stop putting debt incurred during the 2009 budget signed by Bush in Obama's column.
 

Eraserhead

macrumors G4
Nov 3, 2005
10,300
10,355
UK
did yo forget the 501 times that it was addressed? because you guys pretend bringing the deficit down was the magic bullet, our DEBT STILL GREW 9 TRILLION under Obama. so we STILL spent plenty of money.
You’d be in a much stronger place complaining about AOCs view on the deficit.
 

lostngone

macrumors 65816
Aug 11, 2003
1,340
2,825
Anchorage
Wether you believe that to be a good idea or not, it does in no way hinder Trump, Congress, Senate... to do something bout taxes, budgets or entitlement.
Okay then, what progress(ideas, plans, pasted bills) have they made with shrinking the budget in the last 6 months?
 

Chew Toy McCoy

macrumors regular
May 13, 2016
202
2,790
what's wrong with neoliberalism?
They hijacked the entire democratic party and now they’re ironically trying to keep the progressives from doing the same. It’s like a parasite trying to claim they are the host.